Rally

Dark

Resistance

<p>In a new technical analysis, crypto analyst Dark Defender has identified a bullish ‘Cup and Handle’ pattern on the XRP daily chart, signaling the potential for substantial gains. The pattern, which is characterized by a ‘cup’ resembling a rounding bottom and a ‘handle’ indicating a slight downward drift, suggests a continuation of an upward trend.</p> 
<p>Dark Defender <a href="https://twitter.com/DefendDark/status/1726878660752245220" target="_blank" rel="noopener nofollow">notes</a>, “XRP formed a cup &amp; handle pattern in the daily time frame. We set targets for $1.05 &amp; $1.88 with the Elliott Waves, and now the Cup-Handle pattern is also blinking XRP to reach the targets.”</p> 
<h2 id="cup-handle-pattern-hints-at-208-rally-in-the-short-term">Cup &amp; Handle Pattern Hints At 208% Rally In The Short-Term</h2> 
<p>The cup formation, which began in July and extended through October, saw its peak around $1.05, a critical resistance level. The XRP price then dropped by approximately 52%, perfectly aligning with the classical setup. The correction from the top of the cup to the bottom should ideally be a maximum of 50%.</p> 
<p>The subsequent handle has formed a resistance zone between $0.75 and $0.6649, which is approximately a 20% retracement from the cup’s peak. Notably, the pattern suggests a bullish continuation, where the ‘cup’ represents a period of consolidation followed by a breakout, while the ‘handle’ forms a smaller pullback before the price continues to ascend.</p> 
<img loading="lazy" decoding="async" class="wp-image-561724 size-full" src="https://www.newsbtc.com/wp-content/uploads/2023/11/F_cX_R1WIAAlFJ6-1.jpg?resize=1366%2C768" alt="XRP price analysis" width="1366" height="768" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/F_cX_R1WIAAlFJ6-1.jpg?resize=1366%2C768?w=1366 1366w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_cX_R1WIAAlFJ6-1.jpg?resize=1366%2C768?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_cX_R1WIAAlFJ6-1.jpg?resize=1366%2C768?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_cX_R1WIAAlFJ6-1.jpg?resize=1366%2C768?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_cX_R1WIAAlFJ6-1.jpg?resize=1366%2C768?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/F_cX_R1WIAAlFJ6-1.jpg?resize=1366%2C768?w=1140 1140w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1"> 
<p>Within the chart, Dark Defender showcases key support and resistance levels crucial for this pattern to remain valid. The handle part of the pattern has potential support at $0.5286, which Dark Defender has indicated should not be broken by a close under the primary support of $0.6044 for two consecutive days to maintain the bullish outlook.</p> 
<p>Currently, the chart indicates that XRP is trading above these support levels, with resistance looming overhead. The next significant resistance is noted within the handle formation, marked at $0.6649. A decisive break above this level could confirm the pattern’s predicted outcome and set XRP on its upward trajectory toward the mentioned price targets.</p> 
<p>The analyst elaborates on the handle’s potential movements, stating, “Can the handle be extended towards $0.5286 Support? We still need to close under the primary support of $0.6044 for 2 days in a row. So the answer at the moment is No.” However, he also added, “The main structure is still in place, and XRP is expected to hit $1.05 &amp; $1.88 in the short term.”</p> 
<h2 id="xrp-price-faces-stiff-resistance">XRP Price Faces Stiff Resistance</h2> 
<p>The XRP price is currently facing another crucial resistance when performing a Fibonacci retracement level analysis on the 1-day chart. Last Thursday, the XRP price fell below the 0.382 Fibonacci level at $0.6275 and has not been able to close above this key resistance since then on a daily basis.</p> 
<p>Moreover, the XRP price is sandwiched between the 20-day and 50-day Exponential Moving Average (EMA), between $0.6234 and $0.5919. For the bullish scenario to play out, the price needs to overcome the 20-day EMA as well as the 0.382 Fibonacci level. If this happens, Dark Defender’s bullish prediction could come a little closer.</p> 
<img loading="lazy" decoding="async" class="wp-image-561727 size-full" src="https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-21_11-11-26.png?resize=3628%2C1673" alt="XRP price" width="3628" height="1673" srcset="https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-21_11-11-26.png?resize=3628%2C1673?w=3628 3628w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-21_11-11-26.png?resize=3628%2C1673?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-21_11-11-26.png?resize=3628%2C1673?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-21_11-11-26.png?resize=3628%2C1673?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-21_11-11-26.png?resize=3628%2C1673?w=1536 1536w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-21_11-11-26.png?resize=3628%2C1673?w=2048 2048w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-21_11-11-26.png?resize=3628%2C1673?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-21_11-11-26.png?resize=3628%2C1673?w=1140 1140w, https://www.newsbtc.com/wp-content/uploads/2023/11/XRPUSD_2023-11-21_11-11-26.png?resize=3628%2C1673?w=3000 3000w" sizes="(max-width: 1000px) 100vw, 1000px" data-recalc-dims="1">

XRP Price: Cup And Handle Pattern Hints At Short-Term 208% Surge

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